2023-04-29 07:49:39
French Finance Minister Bruno Le Maire assured on Saturday his wish to continue to “pass structural reforms”, the day following the lowering of France’s financial rating by the Fitch agency.
The international financial rating agency Fitch lowered France’s rating to “AA-” on Friday evening, predicting a “modest increase in public debt/GDP”, particularly in view of the recent social movements around pension reform. The Minister of Economy and Finance Bruno Le Maire reacted in the process, this Saturday morning, by affirming that “we will continue to pass structural reforms for the country”.
A risk of political and social impasse
“I believe that the facts invalidate the assessment of the Fitch agency. We are able to pass structural reforms for the country,” said the minister, citing the reform of unemployment insurance and that of pensions.
“Do not doubt our total determination to restore the nation’s public finances (…) to accelerate the deleveraging of the country, to reduce deficits and to accelerate the reduction of public expenditure,” he said from Stockholm. where he takes part in a meeting of EU finance ministers.
An in-depth transformation plan for the French economy
To justify the downgrading of the French rating by one notch, the rating agency Fitch estimated in a press release that “the political impasse and the social movements (sometimes violent) constitute a risk for Macron’s reform program”.
This does not seem to change course Bruno Le Maire: “We have before us a whole series of reforms which will accelerate the transformation of the French economic model”, he argued. He mentioned on this subject the “green industries bill which will be presented in a few days and which will make it possible to reindustrialize France, to open new industrial sites and to create new jobs”.
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